Thinking of relocating to sunnier shores? A growing number of high-net-worth individuals are moving their lives out of the USA’s big cities to Miami this year in wake of the ongoing pandemic, and now Brits in search of the expat life are beginning to follow suit.
With its long, sandy beaches, hours of daily sunshine and captivating cityscape, there’s a lot to love about this picturesque destination, and with a string of luxury oceanfront homes lining its shores and the promise of living amongst some of the nation’s biggest stars, it has a lot to offer those in search of a slice of the good life. A melting pot of rich cultures from all around the world, Miami is currently ranked as the seventh most global city in the USA, and also the healthiest – so it’s perhaps little wonder that it has found itself under the spotlight in recent months, and for all the right reasons.
It seems that everyone from A-list celebrities to business tycoons has been tempted by this vibrant beachside location in recent months, with a whopping 1,000 new people a day now claiming Florida as their home state, and prices of luxury condos and oceanfront villas now at an all-time high as a result.
Only recently, it was reported that Ivanka Trump – former president Donald Trump’s eldest daughter – purchased a huge lot of land in Miami Beach at an eye-watering price of $30 million. Comprising a whopping 29 residences in total and coming complete with its own 13-man police force, it’s a prime example of the kind of prices people are now prepared to pay to get a stake in the area, and with Tampa Bay Buccaneers star Tom Brady rumoured to be moving to the same place – known as Indian Creek Island – soon, it clearly has some pretty powerful appeal.
And it’s not just Miami’s beachfront locations that are attracting interest. Downtown Miami, which offers a dense urban feel, is home to a plethora of trendy restaurants, bars, coffee shops and parks, making it one of the best places to live in the city. Home to a number of above-average public schools, it has become an attractive prospect for families with children, and offering up a thriving scene of world-class entertainment, outdoor recreation, sports and historic cultural attractions, the selection of luxury real estate in Downtown Miami makes it a hot spot for both expats and investors alike.
But why now? Well, it seems that the implementation of lockdown measures across the nation – and here in the UK – has served as a catalyst that has caused many to reevaluate the importance of their home spaces, and those who have plenty of equity in their homes are clamouring to take advantage of current low interest rates in a bid to make the kind of move that for some, has been a lifelong dream. With mortgage rates at rock bottom, there has never been a better time – but as demand increases and inventory becomes sparser, luxury real estate prices in Miami are understandably beginning to head skywards.
Such is the level of competition between those looking to invest in the area that a growing number are now buying without even seeing a property first-hand. No sooner has one gone onto the market, then real estate companies are receiving floods of phone calls and fielding numerous offers at once.
With much of Florida remaining lockdown free throughout parts of the pandemic while other parts of the country were closed down, it seems that many were simply scrambling to reestablish their freedom, and were willing to pay any price in order to do so. Between March and August of last year, it was reported that the number of moves to Florida from cities including New York, New Jersey and Massachusetts was up four percent – and that number has continued to rise.
There has also been a growing level of interest from affluent UK buyers, and despite the fact that travel to the USA has been off the agenda for some months now due to travel restrictions initially implemented by Donald Trump, that hasn’t stopped them investing. Whether they are planning a big move once the world opens up again or are simply looking to take advantage of a stellar investment opportunity remains to be seen, but we can be certain to see the number of British buyers moving across the pond in the months to come increase as people look to prioritise their quality of life more than ever before.
Let’s face it – the swaying palm trees, crystalline waters and vibrant foodie scene are a far cry from the grey winters we experience here in the UK, so it’s easy to see the appeal. And with the prospect of further lockdowns potentially looming this winter, many are hoping to be able to make the move sooner rather than later.
So, if you, too, are looking to relocate in the near future to somewhere you can live shoulder to shoulder with the stars, then look no further – because Miami, in America’s sunshine state, ticks all the right boxes and more.
The post Why Miami is the new luxury real estate hot spot for affluent sunshine seekers first appeared on Luxury Lifestyle Magazine.